DSME swings to net loss in Q3 due to one-off losses

Daewoo Shipbuilding & Marine Engineering, the world’s second-largest shipbuilder by orders, said on Wednesday that it swung to a net loss in the third quarter from last year due to one-off losses.

The net loss reached 323.9 billion won in the three months ending Sept. 30 from a net profit of 74.9 billion won during the same period last year, the company said in a statement. Daewoo Shipbuilding blamed the net loss on its sale of Daewoo Mangalia Heavy Industries. In July, Daewoo Shipbuilding sold Daewoo Mangalia Heavy Industries in Romania as part of its efforts to liquidate loss-making units, incurring losses worth about 460 billion won.

Operating profit declined 9.6 percent to 177 billion won in the third quarter from 195.9 billion won a year ago. Sales fell 9.2 percent to 2.19 trillion won from 2.42 trillion won, the statement said.